How Much EXTRA Should You Pay on Your Mortgage?

Everybody tells you to pay extra on your mortgage. Almost nobody tells you how much, and that's the only part that matters. So I took one loan, $412,000 on a 30-year fixed at 6.979%, and ran it five ways: 10% extra, 25%, 50%, 75%, and double. Doubling the payment doesn't cut a 30-year loan in half. It pays it off in 8 years and 4 months. But the number that should change what you do sits at the bottom of the ladder: the smallest extra payment is the most efficient dollar you'll send your mortgage company, and every step up is worth a little less per dollar. In this video: • What each extra payment costs a month, how fast it pays the loan off, and what it saves • Why the first extra dollars hit hardest: $2.12 of interest erased per dollar at 10% extra, $1.63 at double • The sticky-note number: 25% extra saves 62% of what doubling saves, for a quarter of the monthly commitment (and why it's about half the extra dollars, not a quarter) • The quit test: the smaller plan you keep beats the bigger plan you quit • Why a higher rate takes a SMALLER percentage to hit the same payoff date • The rate where a savings account beats extra principal • Three things that quietly eat your extra payment • Where biweekly payments actually sit on the ladder • What I'd tell you across the desk ⏱️ CHAPTERS 0:00 How much extra actually matters 0:57 The loan: $412,000 at 6.979% 1:44 All five: 10% extra up to double 2:40 Why the first extra dollars hit hardest 4:58 The number for your sticky note 5:44 Quick word 6:38 Two things people get wrong 7:49 The quit test 9:42 Why a higher rate needs LESS extra 10:48 Where this whole video flips 11:51 Three things that eat your extra payment 13:02 Where biweekly actually sits 14:00 What I'd tell you across the desk 14:54 Recap 📅 WORK WITH ME — I'm a licensed mortgage loan officer (NMLS 410420). Want me to run your loan and help you pick an extra payment you'll actually keep? Book a free call: https://brokerdave.com/book or email ask@brokerdave.com 🧮 FREE EXTRA PAYMENT CALCULATOR — put in your balance and rate, name an extra amount, get your payoff date and the interest you save: https://brokerdave.com/extra-payment-... 📱 SAVE MY CONTACT — https://lurbee.com/c/david-lurvey 📘 MY BOOK — "DSCR Loans Made Simple: The Beginner's Guide to Financing Rental Property." Qualify on the rent, not your paycheck. Kindle + paperback: https://amzn.to/4gRPRDt SOURCES FOR THE FIGURES IN THIS VIDEO • Every loan figure is one worked example: $412,000, 30-year fixed, 6.979%, principal and interest only (no escrow, no mortgage insurance), with the extra paid every month from month one. • The savings account comparison uses a 4.10% high-yield savings APY (Bankrate, 2026-09-03) at a 24% federal tax bracket, 3.12% after tax. • The share of mortgages under 3%: FHFA National Mortgage Database. • 23% is an illustrative credit card APR. David Lurvey | NMLS 410420 | Cornerstone First Mortgage NMLS 173855 | Equal Housing Lender | educational, not personalized financial advice